COVID-19 (Coronavirus) Financial Services Regulatory Response as at 11 August 2020

JobKeeper criteria changed

Treasury has announced that the criteria for the JobKeeper program from 28 September 2020 have changed. Background.

From 28 September 2020, businesses and not-for-profits seeking to claim JobKeeper Payment will be required to re-assess their eligibility for the JobKeeper extension with reference to their actual turnover in the September quarter 2020.

Businesses and not-for-profits will need to demonstrate that they have met the 30% decline in turnover test in this quarter to be eligible for JobKeeper from 28 September 2020 to 3 January 2021.

Businesses and not-for-profits will need to further reassess their eligibility in January 2021 for the period from 4 January to 28 March 2021. Businesses and not-for-profits will need to demonstrate that they have met the 30% decline in turnover test in the December quarter 2020 to remain eligible for the March quarter 2021.

APRA policy reforms

The Australian Prudential Regulation Authority (APRA) has announced it will recommence public consultations on select policy reforms.

It will also begin a phased resumption of the issuing of new licenses.

The policy reforms that will be recommenced in 2020 through a process of public consultation are:

  • the cross-industry prudential standard for remuneration;
  • ADI capital reforms incorporating APRA’s unquestionably strong framework, Basel III and measures to improve transparency, comparability, and flexibility;
  • insurance capital reforms to incorporate changes in the accounting framework (AASB 17); and
  • the prudential standard for insurance in superannuation, and updated guidance on the sole purpose test.

Aligned with its policy agenda, APRA will also restart consultation on a limited number of its data collections, including the recommencement of its Superannuation Data Transformation project.

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David Jacobson

Author: David Jacobson
Principal, Bright Corporate Law
Email:
About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.

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